The Attorney General and Comptroller General of Brazil signed a leniency deal with Odebrecht in the multi-billion dollar corruption investigation surrounding the construction conglomerate.
Reuters reports that the agreement includes a 2.77 billion reais fine, equivalent to more than US$700 million, which will be taken from the US$2.39 billion fine that Odebrecht agreed to last year.
“This agreement allows us to move toward a return to more sustainable growth,” Odebrecht Chief Executive Luciano Guidolin said in a statement.
The deal will allow Odebrecht to more easily pursue public contracts said Comptroller General Wagner Rosario.
The announcement comes after the state-owned oil company Petrobras announced that it would start doing business with Odebrecht. That decision came after the board of directors of Petrobras concluded that Odebrecht “adopted measures to prevent, detect and remediate acts of corruption and fraud.”
According to the United States Justice Department, Odebrecht spent more than US$800 million in bribes in 10 Latin America countries which resulted in nearly US$2.4 billion in ill-gotten gains, typically in the form of construction contracts.
Between 2001 and 2016 Odebrecht spent US$439 million in bribes in Brazil which resulted in US$1.4 billion in gains.